Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,421/mo
Lowest payment- Down payment
- $57,839
- Funds due
- $70,305
- Interest + MI left
- $478,182
- First ends
- Dec 2052
Assumption
Assumption + second
$3,767/mo
+$346/mo- Down payment
- $23,839
- Funds due
- $37,621
- Interest + MI left
- $568,908
- First ends
- Dec 2052
New loan
New conventional
$3,584/mo
+$163/mo- Down payment
- $23,839
- Funds due
- $34,380
- Interest + MI left
- $660,641
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,161 | $416,161 | $450,161 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,665.47 | $2,665.47 | $3,049.55 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $311.23 | $311.23 | $90.03 |
| Taxes, insurance & HOA | $444.25 | $444.25 | $444.25 |
| Total housing payment | $3,420.95 | $3,767.41 | $3,583.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,839
Closing costs & prepaids$13,782
Usable credit−$0
Total buyer cash needed$37,621
Earnest money paid−$0
Remaining funds due$37,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,740.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$568.75
Initial HOA (3 months)$264.00
Prepaid interest, first (6 days)$417.99
Prepaid interest, second (6 days)$66.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yrOf the original 30-year loan at 6.11%
Interest already paid$104,722Through Dec 2026
Assumption only · ends Dec 2052$478,182
Assumption + second · ends Dec 2052, second Jan 2057$568,908
New conventional · ends Jan 2057$660,641